Inflation measured by the Consumer Price Index (CPI) shot up to 27.26 percent year-on-year (YoY) in August, data released by the Pakistan Bureau of Statistics (PBS) showed on Thursday.
In August 2021, CPI affectation had clocked in at 8.4 pc.
Last month, the YoY affectation was measured at 24.93 pc, which was the loftiest figure in over 14 times.
PBS prophet Ateequr Rehman told Dawn.com that August’s 27.26 pc was the loftiest figure recorded since 1973-1974.
Meanwhile, Arif Habib Corporation said August’s figure was the loftiest since November 1973.
CPI for the month of Aug’22 clocked-in at 27.26% YoY (+2.45% MoM). This takes 2MFY23 average inflation to 26.1% compared to 8.36% in 2MFY22. This is the highest inflation since Nov’1973.@PBSofficialpak @StateBank_Pak #PBS #Inflation #Pakistan #Economy #AHL pic.twitter.com/BW9s8ceiVc
— Arif Habib Limited (@ArifHabibLtd) September 1, 2022
According to the PBS, affectation in civic and pastoral areas increased to 26.24 pc and 28.70 pc time- on- time, independently.
On a month-on-month basis, the CPI showed an increase of 2.45 pc.
The inflationary trend was driven by a double-number increase in nearly all sub-indices, especially transport, food and casing, and serviceability.
Index-wise increase in affectation YoY
- Transport 63.08 pc
- Perishable food particulars 33.85 pc
- Non-perishable food particulars 28.25
- Casing and serviceability 27.57 pc
- Caffs and hospices 27.43 pc
- Alcoholic potables and tobacco 25.78 pc
- Furnishing and ménage outfit conservation 21.86 pc
- Recreation and culture 21.78 pc
- eclectic goods and services 19.97 pc
- Clothing and footwear 17.63 pc
- Health 11.89 pc
- Education 9.99 pc
- Communication 1.23 pc
PBS data showed that electricity prices rose as high as 123.37 pc time- on-time while motor energies increased by over to 87.34 pc.
Prices of food particulars also soared, with rates of palpitation masoor and onions rising by over to118.64 pc and 96.70 pc, independently, over the same month last time.
Pakistan, which was formerly in the grip of high affectation, witnessed disastrous thunderstorm cataracts this season that have caused wide destruction and transferred food prices soaring, putting numerous masses out of the reach of the poor.
The cataracts have submerged a third of the country, killing further than,100 people and affecting over 33 million.
The rains which began in June, and whose unusual intensity has been criticized on climate change have also damaged vast swathes of rich agrarian land and crops. corridor of the mountainous north and gut south have been cut off because roads and islands have been washed down.
With millions of acres of cropland still under water and certain roads inapproachable, prices are anticipated to climb further.
Source: Dawn News
